EFCC Arraigns Man Over Alleged AUD$8.4 Million, US$3.6 Million Crypto Investment Fraud

By Tolu Temidire

The Economic and Financial Crimes Commission (EFCC) has arraigned one Usie Otukpa Osang before the Federal High Court in Abuja over an alleged multi-million-dollar investment fraud involving Australian and United States currencies.

Osang was docked before Justice Obiora Egwuatu on an eight-count charge bordering on impersonation, conspiracy and obtaining by false pretences. The anti-graft agency alleged that he fraudulently obtained AUD$8,427,330.83 and US$3,639,462 from an Australian investor through a fake cryptocurrency investment scheme.

According to the EFCC, the defendant, who allegedly operated under the aliases Oscar Tyler and Ford Thompson, conspired with others still at large between May 2021 and May 2022 to deceive Brian Jacques Creigh, an Australian citizen and Chief Executive Officer of Panacea Capital.

The commission told the court that the defendant falsely represented Liquid Assets Group as a licensed online cryptocurrency trading and investment platform capable of delivering high returns on investment, claims it said were knowingly false.

The EFCC further alleged in one of the charges that between August 14 and November 23, 2021, the defendant obtained 19.806 Bitcoin, valued at about US$1.08 million, from the same investor through a Binance wallet as part of the alleged fraudulent scheme.

The offences are said to contravene provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
Osang pleaded not guilty to all eight counts.

Following his plea, prosecution counsel Christopher Mshelia asked the court to fix a date for trial and remand the defendant in custody, while defence counsel K.I. Shuaibu urged the court to grant his client bail.

Justice Egwuatu adjourned the case to July 14, 2026, for the hearing of the bail application and ordered that the defendant be remanded at the Kuje Correctional Centre pending further proceedings.